Russian Philanthropic Solution Attracted Interest from Islamic World Countries
Russian Philanthropic Solution Attracted Interest from Islamic World Countries
13 May
Islamic finance and fintech face similar challenges across different countries – in Indonesia, Malaysia and Russia. This view was expressed by Ruslan Khaliullin, an expert at the Russian Centre for Islamic Economics and Finance (Russian Islamic Institute), at the XVII International Economic Forum “Russia – Islamic World: KazanForum”.
Some Russian solutions have attracted the attention of countries in the Islamic world, one of which is a charitable mobile application.
“A representative from Tooba spoke at our event. It is a success story demonstrating what we can offer. The company raised over 1 billion roubles in a single month in response to events in Dagestan. Overall, they have collected more than 4.8 billion roubles. They have now signed agreements with countries in the Persian Gulf – the UAE and Saudi Arabia – and have risen to the top ranks globally,” Khaliullin said.
Despite similar barriers, Islamic banking varies greatly across Arab countries, as do innovations, said Muhammad Shahid Khan, CEO of Micronisus Systems Dubai (UAE). He noted that significant investment is currently flowing into this sector, with government support. The field of Islamic finance now requires new solutions.
“I believe that AI can help in the development of Islamic banking, particularly in Russia. Co-operation between Russia and the Islamic world also holds great promise. In the current geopolitical situation, we face a number of difficulties – due to sanctions and the inability to import modern technologies. However, Russia should co-operate with the Islamic world in order to develop in this field,” said Muhammad Shahid Khan.
Umar Munshi, Founder of Ethis Group and Managing Partner at HASAN.VC (Malaysia), added that technologies capable of making the sector more profitable, as well as reaching customers who were previously inaccessible to banks, are needed. This may include the use of AI.
“KazanForum is a very important platform for collaboration, networking, B2B meetings and sessions – to develop participation and raise awareness of what is happening in the world of finance and banking,” noted Umar Munshi.
Science and education are of higher importance. The task of universities today is to train specialists who will develop the Islamic finance industry in the country, said Magomed Tashtamirov, Vice-Rector for Science and Innovation and Head of the Department of Finance, Credit and Antimonopoly Regulation at the Akhmad Kadyrov Chechen State University.
“We must develop competencies that will help market participants quickly find the right personnel for specific tasks, enabling them to promote company products. Our task is also to conduct research. We study trends, how the experiment is progressing, and the problems and barriers. We track positive cases, look at the global market, and identify patterns. The materials we provide to the public and to regulators will influence future decisions,” concluded Tashtamirov.
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The International Economic Forum “Russia – Islamic World: KazanForum” is being held in Kazan from 12 to 17 May 2026. In accordance with a decree of the President of the Russian Federation, Vladimir Putin, the Forum acquired federal status in 2023, becoming the main platform for interaction between Russia and the Islamic world.
Representatives from 103 countries have registered for KazanForum 2026.
The Forum’s 2026 business programme includes 149 events across 21 tracks. Several international exhibitions will be held as part of the Forum: The International Exhibition of Co-operation between Russia and the Islamic World, the “Innovations. Investment. Infrastructure” Exhibition, the International Real Estate Exhibition and Conference, and the Kazan Halal Market Trade Fair. The agenda also includes: the Forum of Chambers of Commerce and Industry of OIC Countries, the Forum of Young Diplomats, the Forum of Young Entrepreneurs, meetings of intergovernmental commissions and bilateral conferences, festivals, gastronomic and sports projects, including the “Business on Horseback” horse race and the International Jockeys’ Championship.
In 2026, Kazan holds the status of Cultural Capital of the Islamic World. Cultural co‑operation will be one of the key themes of the humanitarian agenda – during the Forum, the Congress of Ministers of Culture of OIC Countries and the 15th Session of the ICESCO General Conference will be held. The programme will conclude with the “Izge Bolgar Zhyeni” gathering in Bolgar, dedicated to the Day of the Official Adoption of Islam by Volga Bulgaria
The full programme of the Event is available on the Forum’s official website.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event, whereas ANO “Directorate for Sports and Social Projects” serves as the Operator’s Executive Directorate.
Some Russian solutions have attracted the attention of countries in the Islamic world, one of which is a charitable mobile application.
“A representative from Tooba spoke at our event. It is a success story demonstrating what we can offer. The company raised over 1 billion roubles in a single month in response to events in Dagestan. Overall, they have collected more than 4.8 billion roubles. They have now signed agreements with countries in the Persian Gulf – the UAE and Saudi Arabia – and have risen to the top ranks globally,” Khaliullin said.
Despite similar barriers, Islamic banking varies greatly across Arab countries, as do innovations, said Muhammad Shahid Khan, CEO of Micronisus Systems Dubai (UAE). He noted that significant investment is currently flowing into this sector, with government support. The field of Islamic finance now requires new solutions.
“I believe that AI can help in the development of Islamic banking, particularly in Russia. Co-operation between Russia and the Islamic world also holds great promise. In the current geopolitical situation, we face a number of difficulties – due to sanctions and the inability to import modern technologies. However, Russia should co-operate with the Islamic world in order to develop in this field,” said Muhammad Shahid Khan.
Umar Munshi, Founder of Ethis Group and Managing Partner at HASAN.VC (Malaysia), added that technologies capable of making the sector more profitable, as well as reaching customers who were previously inaccessible to banks, are needed. This may include the use of AI.
“KazanForum is a very important platform for collaboration, networking, B2B meetings and sessions – to develop participation and raise awareness of what is happening in the world of finance and banking,” noted Umar Munshi.
Science and education are of higher importance. The task of universities today is to train specialists who will develop the Islamic finance industry in the country, said Magomed Tashtamirov, Vice-Rector for Science and Innovation and Head of the Department of Finance, Credit and Antimonopoly Regulation at the Akhmad Kadyrov Chechen State University.
“We must develop competencies that will help market participants quickly find the right personnel for specific tasks, enabling them to promote company products. Our task is also to conduct research. We study trends, how the experiment is progressing, and the problems and barriers. We track positive cases, look at the global market, and identify patterns. The materials we provide to the public and to regulators will influence future decisions,” concluded Tashtamirov.
*****
The International Economic Forum “Russia – Islamic World: KazanForum” is being held in Kazan from 12 to 17 May 2026. In accordance with a decree of the President of the Russian Federation, Vladimir Putin, the Forum acquired federal status in 2023, becoming the main platform for interaction between Russia and the Islamic world.
Representatives from 103 countries have registered for KazanForum 2026.
The Forum’s 2026 business programme includes 149 events across 21 tracks. Several international exhibitions will be held as part of the Forum: The International Exhibition of Co-operation between Russia and the Islamic World, the “Innovations. Investment. Infrastructure” Exhibition, the International Real Estate Exhibition and Conference, and the Kazan Halal Market Trade Fair. The agenda also includes: the Forum of Chambers of Commerce and Industry of OIC Countries, the Forum of Young Diplomats, the Forum of Young Entrepreneurs, meetings of intergovernmental commissions and bilateral conferences, festivals, gastronomic and sports projects, including the “Business on Horseback” horse race and the International Jockeys’ Championship.
In 2026, Kazan holds the status of Cultural Capital of the Islamic World. Cultural co‑operation will be one of the key themes of the humanitarian agenda – during the Forum, the Congress of Ministers of Culture of OIC Countries and the 15th Session of the ICESCO General Conference will be held. The programme will conclude with the “Izge Bolgar Zhyeni” gathering in Bolgar, dedicated to the Day of the Official Adoption of Islam by Volga Bulgaria
The full programme of the Event is available on the Forum’s official website.
The Roscongress Foundation acts as the Operator for the preparation and holding of the Event, whereas ANO “Directorate for Sports and Social Projects” serves as the Operator’s Executive Directorate.
